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TEK SENG HOLDINGS BERHAD

(Company No. 579572-M)

(Incorporated in Malaysia)

SUMMARY OF KEY MATTERS DISCUSSED AT THE 15TH ANNUAL GENERAL MEETING OF TEK SENG HOLDINGS BERHAD (“TEK SENG” OR “THE COMPANY”) HELD AT LAUREL II BALLROOM, LEVEL 1, EVERGREEN LAUREL HOTEL, 53 PERSIARAN GURNEY, 10250 PENANG ON FRIDAY, 26 MAY 2017 AT 9.30 A.M.

SUMMARY OF KEY MATTERS DISCUSSED

 

Key matters discussed at the Company’s 15th Annual General Meeting of the Company are summarised below:

 

1)

Reasons for decrease in cash and bank balances to RM4.81 million as at 31 December 2016 to which, the Management explained that it was mainly due to repayment of bank borrowings.

 

 

2)

A shareholder wanted to know whether the major customers namely B and C for Solar Segment appearing in page 81 of the Company’s Annual Report for financial year ended 31 December 2016 are new and recurring customers to whom, the Management replied that these were new and recurring customers.

 

 

3)

Reasons for third parties owing RM24.90 million as disclosed under other receivables as at 31 December 2016 and whether the amount are collectible to which, the Management explained that these were compensations to be received from a customer of solar division in fulfilling their contractual obligation.

 

 

4)

The percentage of reductions in HR cost pursuant to the retrenchment by TS Solartech Sdn Bhd in September 2016 to which, the Management explained that the HR cost reduced approximately 30% or 40%.

 

 

5)

Reasons for trade and other payables increased by RM40.40 million when compared with last financial year end to which, the Management explained that the said increase was due to the construction of new solar plant.

 

 

6)

Reasons for PVC sales were lower in quarter 4 versus other quarters to which, the Management replied that the sales of PVC products were better in other quarters mainly due to higher purchases by customers before festive seasons.

 

 

7)

The prospects of the solar industry since it has been volatile and challenging to which, the Management replied that they have been continuously looking for new customers at the same time expanded into solar related businesses such as direct installation of solar farm for commercial and industrials.